Being a long-distance landlord

Being a landlord can help to bring in some extra money, and if a landlord has multiple properties, they may often buy in different cities where they can get a better deal than in their own. This doesn't work for everyone, but there are some key things to look out for if you're planning on taking on the task of being a long-distance landlord.
Firstly, you have to know the area. You might get a great deal on a property, but can you fill it? Can you charge enough to turn a profit? There are many details that you should research before taking on the property. Of course, as with all properties that you would buy, you'll need to run the numbers and make sure it will work. Don't forget to add in repairs and other costs beyond just the mortgage. Even if you're across the country, always make sure to see the property before you buy. If you can't get their physically, have a friend or family member take a look for you. In buying a property at a distance, a good agent is even more important. Make sure that they can follow your instructions and that they'll keep you up-to-date on everything that's happening. Lastly, check around for the best mortgage. It can make all the difference in making a profit or not.

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POSTED November 19 2013 10:34 AM

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